The Hindu Business Line : Banks, FMCG, metal stocks in the red

MARKETS shed the buoyant sentiment of the past two trading days, with the Sensex ending 75.94 points (or 0.86 per cent) lower during the day's trading. The pronouncements by Standard & Poor's that interest rates may harden in India, weak trend in the global markets and slowing FII flows appear to have hit market sentiment. The Sensex opened for the day at 8,815 points, touched a high of 8,821 early in the day, but weakened sharply in the later part of the day to register a low of 8,695 points. The advances to declines ratio stood at 0.54, with 893 stocks appreciating in value while 1,652 stocks logged declines.

Among the BSE sectoral indices, with the exception of IT, all the other sectoral indices ended in the negative territory.

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The ones that lost more than the Sensex were Bankex, FMCG, metals and consumer durables.

The S&P CNX Nifty also shed 0.71 per cent to close for the day at 2644.30 points. While Nifty Junior lost 1.15 per cent, higher than the Nifty, CNX Midcap 200 shed only 0.60 per cent during the day's trading. In the Nifty, the principal gainers during the day were Zee Telefilms, MTNL, M&M, Ranbaxy Labs and BPCL. The key losers were ICICI Bank, ITC, Dabur, GAIL and Hindalco.

Among the Nifty Junior constituents, the key gainers were Asian Paints, Raymond, MphasiS BFL, Syndicate Bank and Apollo Tyres. The significant losers were Lupin, JP Associates, UTI Bank, Bank of India and Kotak Mahindra Bank.

Outside the bellwether indices, the significant gainers during the day were HMT, MRO-TEK, Yuken India, Amtek Auto, NIIT, ITI, iGate Global and Kalyani Steel. With the exception of HMT, all the other gainers were in the four to 10 per cent bracket.

The HMT stock was the prominent gainer during the day, with the stock appreciating by Rs 13.65 (or 14.9 per cent) to close at Rs 104.75. The trading volumes in the stock rose five-fold to 66 lakh shares over Tuesday's trading.

The Amtek Auto stock gained Rs 19.5 (or 7.04 per cent) to close for the day at Rs 296.40. The trading volumes in the stock rose from 1.93 lakh shares on Tuesday's trading to 4.31 lakh shares during the day's trading.

Riding on heightened trading volumes, the NIIT stock gained Rs 22.15 (or 6.8 per cent) to settle for the day at Rs 344. The trading volumes soared from 20,514 shares on Tuesday to 3.76 lakh shares during the day.

Among the losers were stocks such as FCS Software, Chemfab Alkalies, HBL Nife, Finanical Technologies, ICICI Bank, Allsec Technologies and Kale Consultants. Quite a few second and third rung stocks lost value during the day's trading, after frontline and second rung technology stocks ruled the roost in Tuesday's trading.

The HBL Nife Power Systems lost Rs 16.55 (or 5.9 per cent) to close at Rs 264.3. The trading volumes rose from 11,847 shares on Tuesday's trading to 27,641 shares during the day. The drop in the share price has to be seen in the light of its claim that the Navy and Union Defence have denied it a chance to participate in a recent tendering process.

The ICICI Bank stock was also a prominent loser, shedding Rs 28.1 (or 4.7 per cent) to close at Rs 561.35. Compared to 1.32 lakh shares traded on Tuesday, the trading volumes rose to 6.81 lakh shares during the day. The stock came under pressure following its proposal to consider further equity issue at its board meeting on October 13, while considering its half-year earnings performance.

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